Morgan Stanley software analyst Keith Weiss today asks how much farther some of the high flyers in enterprise and cloud computing software such as FireEye (FEYE), Splunk (SPLK), Workday (WDAY), ServiceNow (NOW), and Tableau Software (DATA) may have to go after falling sharply in the past few weeks.

Weiss offers that judging by past multiples of sales for software names, the downside could be anywhere from 15% to 50% below current...